Republic of Korea: Saccharin Market 2024

Saccharin Market Size in Republic of Korea

The South Korean saccharin market skyrocketed to $X in 2021, with an increase of 31% against the previous year. Overall, consumption, however, continues to indicate a noticeable setback. Saccharin consumption peaked at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Saccharin Production in Republic of Korea

In value terms, saccharin production reached $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2015 when the production volume increased by 3.4%. Saccharin production peaked at $X in 2019; afterwards, it flattened through to 2021.

Saccharin Exports

Exports from Republic of Korea

In 2021, the amount of saccharin and its salts exported from South Korea declined to X tons, shrinking by -10.7% against the previous year. Overall, total exports indicated a notable increase from 2012 to 2021: its volume increased at an average annual rate of +3.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +11.5% against 2019 indices. The pace of growth appeared the most rapid in 2014 when exports increased by 34% against the previous year. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, saccharin exports declined to $X in 2021. Over the period under review, total exports indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +3.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +9.7% against 2019 indices. The most prominent rate of growth was recorded in 2014 when exports increased by 32%. Over the period under review, the exports attained the peak figure at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for saccharin exports from South Korea, accounting for a 50% share of total exports. Moreover, saccharin exports to the United States exceeded the volume sent to the second major destination, Mexico (X tons), fourfold. The third position in this ranking was held by the Netherlands (X tons), with an 8.7% share.

From 2012 to 2021, the average annual growth rate of volume to the United States totaled +3.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+1.8% per year) and the Netherlands (+1.3% per year).

In value terms, the United States ($X) remains the key foreign market for saccharin and its salts exports from South Korea, comprising 50% of total exports. The second position in the ranking was held by Mexico ($X), with an 11% share of total exports. It was followed by the Netherlands, with an 8.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States stood at +2.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+3.1% per year) and the Netherlands (+1.5% per year).

Export Prices by Country

The average saccharin export price stood at $X per ton in 2021, dropping by -1.6% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the average export price increased by 6.5% against the previous year. The export price peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

Average prices varied somewhat for the major foreign markets. In 2021, amid the top suppliers, the countries with the highest prices were China ($X per ton) and Pakistan ($X per ton), while the average price for exports to India ($X per ton) and Mexico ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+3.5%), while the prices for the other major destinations experienced more modest paces of growth.

Saccharin Imports

Imports into Republic of Korea

Saccharin imports into South Korea soared to X tons in 2021, with an increase of 19% compared with 2020 figures. Overall, imports, however, continue to indicate a abrupt slump. The pace of growth appeared the most rapid in 2017 with an increase of 41%. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, saccharin imports soared to $X in 2021. In general, imports, however, continue to indicate a perceptible shrinkage. The growth pace was the most rapid in 2014 with an increase of 49%. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) was the main supplier of saccharin to South Korea, accounting for a approx. 100% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from China stood at -5.4%.

In value terms, China ($X) constituted the largest supplier of saccharin and its salts to South Korea.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at -3.3%.

Import Prices by Country

The average saccharin import price stood at $X per ton in 2021, surging by 7.5% against the previous year. In general, import price indicated a temperate expansion from 2012 to 2021: its price increased at an average annual rate of +2.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, saccharin import price increased by +13.8% against 2019 indices. The growth pace was the most rapid in 2016 an increase of 24% against the previous year. As a result, import price reached the peak level of $X per ton. From 2017 to 2021, the average import prices remained at a somewhat lower figure.

As there is only one major supplying country, the average price level is determined by prices for China.

From 2012 to 2021, the rate of growth in terms of prices for China amounted to +2.2% per year.

Source: IndexBox Platform

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